Nifty opened with a gap up on Thursday but selling in the second half in financials stocks forced Nifty to end in the negative terrain turning the entire day into a bearish engulfing line on candlestick charts.
As reversal has occurred after retracing 38.2% of the down move, it may signify end of corrective up move of Wave 2 and is likely to be followed by Wave 3 in the coming days. Applying for 261.8 pct Fibonacci extension, the immediate price target falls in range of 17,500-17,700 which may come in line with the movement in global markets. The global markets like Dow Jones has already have opened wider cracks below 34,300 which may be a sign of Global Warning.
Nifty 50 Chart
Stocks to watch
Positive Read Through
- Aurobindo Pharma- According to reports, promoters restarted the injectables Business stake sale process.
- Manappuram- Quinag sells 83 mn shares, domestic mutual funds are buyers.
- Max Fin- promoter Max Ventures sells 11.2 mn Shares, mutual funds are buyers.
- RBL Bank- Via block deals CDC group sells 9.9 mn shares.
- Indiabulls Housing- repays Rs. 22,320 mn to ANZ banking group, Barclays Bank Plc & SBI.
- Granules gets an accreditation certificate from PMDA, Japan for the Jeedimetla facility.
- Reliance Jio- adds 2.2 mn users in June vs. 3 mn in May.
- Bharti Airtel- adds 1.4 mn users in June vs. 1.3 mn in May.
- Vedanta- received an arbitration award upholding its contention in Rajasthan block.
- Paytm- Antfin to Sell 23 mn shares (3.6 pct stake) via block at a price of Rs. 880.10 per share.
- Defence Stocks- DAC approves Rs. 78,000 mn proposals for Army, Air Force & Navy.
- Amber- Ascent Invest may likely sell 4 pct via block deal, offer price at 0.5 pct discount to current market price.
Negative Read Through
- Vodafone- Idea’s users stood at 1.29 mn in June vs. a loss of 2.82 mn in May.
- PI Industries- Bromine leakage incidence occurred at the Jambusar unit, with no loss of life.
- GIC RE- IRDAI approves amendments to reinsurance regulations.
- Shopper Stop- MD & CEO Venugopal Nair resigns; Kavindra Mishra is the new CEO.
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